Is Patriot Bank selling more than bad debt?

It seems that the directors are busy selling shares. The numbers are here. I have to go out but when I have a chance I’ll check this out further.


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12 responses to “Is Patriot Bank selling more than bad debt?

  1. WaitingToBuy

    Chris – Comparing slides 11 vs. 14 do not tell a very positive story for Greenwich real estate relative to Fairfield County – looks like we have a bit of catching up (or should I say down) to do. Where has Mad Monkey gone?

  2. anon

    Zavattaro filed to sell 10,000 shares. Didnt he make all the spec loans?

    • christopherfountain

      That name is on every bad loan I saw, but perhaps he was just unlucky. Furthermore, it seems likely that someone higher up at Patriot was urging him on – “we need $50 million in loans, Marcus, make it happen” or something like that. No bank, even Patriot, issues big loans without board approval, and so if someone at Patriot is pointing an accusatory finger at Marcus now, I’m not all that certain I’d buy it.

  3. Cos Cobber

    Friday is almost here, thats what’s important.

    • christopherfountain

      Well exciting things happen in the banking world on Fridays, Cos, but there’s always the Fourth of July weekend, with an extra day thrown in to get people settled in their desks. Alternatively, the sudden sale of 14 bad loans to “an investor” might also signify an infusion of capital, in which case, everything proceeds as normal. Until the particulars of that transaction are investigated, anyway. This, of course, is all idle speculation, as I’m sure Patriot is as strong today as they were last week.

  4. fred

    Anyone selling patriot shares now is taking a bath.

    However, someone might reward loyalty by selling shares now, especially if ones directors were buying them up.

    Anyway, fasb is bullshit if the parameters change every year.

    >85m in non performing?

    and who and why -dumped 60m in aditional one half percent passbook? What individual’s think Patriot is a safe place to keep the dough.

    • christopherfountain

      Fred – I understand why someone would want to sell his shares, but why would anyone buy them? Curious.

  5. fred

    BTW: Thursday -tomorow- is a good day to divest…..everything.

    Why wait?

    Then u can stick it all in the patriot vaults.LOL

  6. The Reader


    Unless Patriot raises substantial new capital, $50 to $70M they are kaput.

    The shareholders are screwed. Even if the capital is raised, it would dilute all the existing shareholders.

    Lastly, don’t forget the downward pressure on the stock from the margin call on the chairman’s shares. I think he owned 700K shares and had a five or six million dollar margin call. It will take a lot of share liquidation at $3.0 per share to come up with $5M.

    All of this was reported a couple of months ago in the press and…on your blog!

  7. FlyAngler

    Buyer could be covering a short. I am away from my Bloomberg but I bet the short interest in significant.

  8. fred

    fred 4:19pm 2nd sentence

    100% owned company?

    shares selling in the 3’s?

    huge recent cash inflow? -tons of cash

    unloading underperformers -improves what?

    mil $ quaterly losses?

    removal of poision pill?

    I’m not saying anything, cause unlike you, I hate to be sued.

    Draw your own conclusion.

  9. fred

    I understand TD might be looking for established Ct real estate… they took a beating developing da vinci’s……just a guess though.